TOKYO—Mitsubishi Estate Co. plans to build a 61-story building near Tokyo Station that would likely become the tallest built structure in Japan.

At 390 meters (about 1,280 feet) tall, the Mitsubishi building would be 90 meters (295 feet) taller than Abeno Harukas, the country's current giant located in the city of Osaka. Mitsubishi Estate plans to spend more than $8.25 billion (1 trillion YEN) on the project, hoping the new building will serve both as a centerpiece of a major business district and tourist destination, officials said Monday. The highrise would be among four buildings in the project to be erected in the Tokiwabashi district in Chiyoda Ward.

Depending on government approval, Mitsubishi Estate hopes to start construction of the project in fiscal 2023 and aim for completion in fiscal 2027.

Located close to an area where the Bank of Japan and private-sector financial institutions have their head offices, the complex will be designed to boost Tokyo's international competitiveness as a financial and business center. The company is also mulling the development of a 7,000-sq.-meter plaza in the neighborhood for use as an event venue.

Mitsubishi Estate president Hirotaka Sugiyama held a news conference Monday, saying (according to The Japan Times) that he hopes the new building will “stand out in the world as a symbol of Tokyo.” The company hopes use of the building will not be limited to specific purposes, such as sightseeing or office space, aiming for a location that can be enjoyed in a variety of ways, he added.

Mitsubishi Estate Co. is Japan's second-largest real-estate developer (after Mitsui Fudosan) and is involved in property management and architecture research and design. The company owns Japan's second tallest building, the Yokohama Landmark Tower, as well as the Sanno Park Tower and Marunouchi Building in Tokyo.

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Mitsubishi Estate Plans Tokyo Project to Include Japan's Tallest High-Rise

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